Elon Musk recession

Tesla and Spacex CEO Elon Musk shared his thoughts on the U.S. economy and the upcoming recession in a series of tweets Thursday. Responding to a question about ...

His recession tweet followed a statement he made last week, stating that the U.S. economy is “probably” in a recession. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Goldman Sachs Senior Chairman and former CEO Lloyd Blankfein recently said we are heading towards a recession, advising companies and individuals to prepare for it. If they tighten not enough, the risk becomes runaway inflation. Rude awakening inbound!” Tesla CEO Elon Musk believes the U.S. economy is approaching a recession but he explained why it is “actually a good thing.” Musk has estimated that the upcoming recession will last 12 to 18 months.

The billionaire has received loans and tax breaks to help keep Tesla afloat, now he says other companies should go bankrupt for the good of the economy.

The company would probably be as dead as Nikola Tesla himself if it hadn’t been for the government “raining money on fools”. Tesla also benefits from state tax income tax breaks for green vehicles and routinely helps itself to corporate subsidies. It’s tough talk from a man said to be worth north of $218bn, more than anyone in the world. In 2008, the company rolled out its only product – a Lotus Elise knockoff called the Roadster. At a starting price of around $80,000, the coupe wasn’t exactly priced to move; 2,450 global sales made Musk’s vision of mass-producing electric cars look like a pipe dream. Musk’s other companies have benefited from corporate welfare schemes too. “It has been raining money on fools for too long.

Elon Musk, the CEO of Tesla and prospective owner of Twitter, said that a recession would be good for the U.S. economy and that bankruptcies need to happen.

"Also, all the Covid stay-at-home stuff has tricked people into thinking that you don’t actually need to work hard," he said in the same tweet. The possibility of an American recession has seemed more likely due to inflation and other factors. "Money has been raining on fools for too long," Musk said in a tweet this week.